true or false

21. Earnings management generally makes income statement information more useful for predicting future earnings and cash flows. 22. Use of a multiple-step income statement will result in the company reporting a higher net income than if they used a single-step income statement. 23. The accounting profession has adopted a current operating performance approach to income reporting 24. Gains or losses from exchange or translation of foreign currencies are reported as extraordinary items 25. Intraperiod tax allocation relates the income tax expense of the period to the specific items that give rise to the amount of the tax provision. 26. Financial flexibility measures the ability of an enterprise to take effective actions to alter the amounts and timing of cash flows. 37. Land held for speculation is reported in the property, plant, and equipment section of the balance sheet. 28. The account form and the report form of the balance sheet are both acceptable under GAAP 29. Companies determine cash provided by operating activities by converting net income on an accrual basis to a cash basis. 30. One significant difference between a balance sheet prepared using IFRS than U.S. GAAP is that long-term tangible assets will be reported at fair value rather than historical cost. 31. Interest is the excess cash received or repaid over and above the amount lent or borrowed. 32. Simple interest is computed on principal and on any interest earned that has not been withdrawn. 33. The future value ofa single sum is determined by multiplying the future value factor by its present value 34. If two annuities have the same number ofrents with the same dollar amount, but one is an annuity due and one is an ordinary annuity, the present value of the annuity due will be greater than the present value of the ordinary annuity. 35. The future value of a deferred annuity is less than the future value of an annuity not deferred